LendingClub Will Create First Digitally Native Bank With Radius Acquisition

Online lender LendingClub has announced plans to acquire Radius Bancorp for $185 million in cash and stock. As America’s largest online lending marketplace, LendingClub facilitated more than $12.3 billion in loans last year, with around 50,000 people visiting the site daily. The company explained that despite the savings its customers find on the platform, they still have difficulty managing their cashflow and wind up paying hundreds of dollars in overdraft and monthly fees to their banks...